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Crypto manager Ikigai raises $30 million for web3-focused venture fund

Ikigai Asset Management, a Puerto Rico-based crypto asset management startup that deploys capital for more than 275 investors, announced Tuesday that it raised $30 million in venture funding.  Ikigai opened up the investment pool to any of its 275 limited-partner investors. The firm intends to use the venture funding for its Ikigai Trust Revolution Opportunities fund, which is designed to invest in startups or projects related to the metaverse, blockchain gaming, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs) and other …

EY unveils supply chain tracking service on Polygon Nightfall

Quick Take EY has launched a new supply chain offering called OpsChain. OpsChain is hosted on Nightfall, a Layer 2 rollup blockchain that EY co-developed with Polygon. EY, one of the big four accounting firms, has launched a supply chain tracking service called OpsChain Supply Chain Manager on Nightfall — a Layer 2 Ethereum blockchain co-developed in partnership with Polygon. The two firms launched Nightfall’s beta release today, and made OpsChain Supply Chain Manager as one of its first applications …

Terra community seems dead set against Do Kwon’s fork proposal

The majority of the Terra community is against the idea of forking the blockchain after its collapse last week, according to a preliminary poll on the network’s research and governance forum.  As of 6:45 a.m. ET on Tuesday, 90% of the more than 1,000 votes in the online poll reject a fork, which would create a new, parallel version of the Terra blockchain. The ballot is open to anyone who logs into the Terra forum, whether or not they hold …

Do Kwon wants to fork the Terra blockchain as part of revival plan

Terraform Labs CEO and co-founder Do Kwon has formally proposed forking the Terra network into a new chain.  Kwon circulated a new proposal today in a post on a forum for Terra discussion in the wake of the collapse of Terra-based assets. It adds to his initial revival plan, posted last week, which amounted to a restart of the Terra blockchain. That initial proposal would create one billion tokens to distribute among stakeholders to incentivize them to remain and rebuild. …

Polygon, Juno and Fantom blockchains try to lure Terra’s projects

Polygon, Juno and Fantom blockchains are trying to atract Terra-based projects, following the collapse of its ecosystem. Last week, the collapse of the TerraUSD (UST) stablecoin led to a knock-on effect of a 99.9% price crash for its related token Luna (LUNA). During the incident, the network was halted twice to stem the bleeding and while it has been restarted, several on-chain functions are still disabled. The incident led to the total value of assets on Terra falling from over …

Terra fork won’t work, says Binance CEO Changpeng Zhao

Binance CEO Changpeng Zhao says he doesn’t think Terra’s plan of forking the blockchain will work because it won’t provide any value. “This won’t work,” Zhao said in a tweet on Saturday. “Forking does not give the new fork any value. That’s wishful thinking.” Zhao’s tweet came a day after Do Kwon, the founder and CEO of Terraform Labs, proposed a revival plan for Terra after its collapse last week. Kwon pitched forking the Terra blockchain — creating a new …

Central African bank regulator reminds member states of crypto ban, Reuters reports

Central Africa’s regional banking regulator reminded member states on Friday of its ban on cryptocurrencies, just weeks after the Central African Republic (CAR) made bitcoin legal tender, Reuters said. The reminder came after a chaotic week for crypto when the linked meltdown of the algorithmic stablecoin UST and Terra’s native Luna asset resulted in big losses for many of those involved. It also led to stoppages of the Terra blockchain and market trading halts as the circulating supply of Luna …

Terra Dapp Expo canceled following chaotic week for Terra network

The Terra Dapp Expo, slated for June 9 and 10 in Austin, Texas, has been canceled, according to the expo’s official Twitter feed. “We have been monitoring the community responses to the idea of TDX continuing, and after careful deliberation we have sadly decided to cancel the event. The decision was not made lightly and is crushing news for everyone involved,” the expo organizers said on Twitter. Over the past week, the linked meltdown of the algorithmic stablecoin UST and …

Luna supply soared to 6.5 trillion coins before Terra’s latest halt

The circulating supply of Luna (LUNA) surged to more than 6.5 trillion by the time the Terra blockchain was halted for a second time in an attempt to salvage the collapsing ecosystem.  For the last few weeks — up until just three days ago — the supply of Luna was only around 340,000, according to data from Terra Analytics. That was until TerraUSD (UST) lost its peg to the dollar on Monday, kickstarting a downward spiral for Luna, a related token …

Terra says it has halted blockchain for second time in 24 hours

With its native token LUNA and stablecoin UST in freefall, Terra says it has halted its blockchain for the second time in 24 hours. In a tweet posted at 10:13pm Eastern Time, Terra said its blockchain “has officially halted at block 7607789.” “Terra Validators have halted the network to come up with a plan to reconstitute it. More updates to come,” it continued. The Terra blockchain has officially halted at block 7607789. Terra Validators have halted the network to come …